An architect’s rendering shows the various elevations of The Norton, a 24-unit development in the works at 320 E. Hatcher Road (photo courtesy of Grayson Real Estate).
A new multifamily housing development is underway that will bring 24 housing units to the Sunnyslope area. Headed by Keith Grayson, Grayson Real Estate, and named The Norton, after Sunnyslope founder William R. Norton, the project is located at 320 E. Hatcher Road and is anticipated to be move-in ready in early 2026.
A licensed Realtor since 2005, Grayson’s company opened in Las Vegas, then made the move to Arizona in 2010. While relatively new on the multifamily development scene, he has been busy in the Sunnyslope area since 2022.
One goal with this project was to bring higher bedroom counts to the area, Grayson said, “Of the 24-units, 12 are going to be three-bedroom, two baths.” Some will have garages and two- and one-bedroom units also will be included in the total 22,940-square-foot living space.
While rental prices are something of a moving target, at the beginning of the year Grayson anticipated $2,100 for the three-bedroom units, $1,600 for two-bedroom and $1,000 for the one-bedroom units, but expects that to drop, “We’re forecasted for the rent prices to go down 4% per year over the next three years,” he said.
The property management arm of Grayson’s company will service The Norton and he and his company have plans to invest further in the area. They already have their office on Hatcher and are looking at future Hatcher corridor opportunities – including bringing mixed-use development (with retail and services on the bottom floors and residential above).
Why Sunnyslope and Hatcher in particular? It’s pretty simple, Grayson said, “I wasn’t born with money – I’m self-made. In my opinion, as a real estate professional, this area offers the most value in Maricopa County. It’s what I can afford.
“And there’s a huge upside – the mountains aren’t going anywhere and it’s prime real estate.” He added, “I didn’t grow up here, but I am drawn to this area,” and he recognizes that there is balancing act involved. Sunnyslope is a community of long-time residents and while it has its share of challenges, Grayson doesn’t want to create a project that prices them out of their neighborhoods.
“Gentrification is something that I’ve struggled with,” he said, reflecting on a project he completed at 19th Avenue and Van Buren.
“We have a two-acre parcel there with 30 units. Everybody said, ‘bulldoze this place and go vertical…max everything out.’ Once you do that, you automatically have to start renting things out to support your construction numbers. So, we decided to remodel what was existing. You can rent a one-bedroom for $650 a month, and it’s got quartz counters, stainless steel appliances, tile floors.
“If you’re the owner, do you rent it out at $800 to support the community or do you rent it out at $1,600 to support yourself? My belief system is to build something that supports the price without getting one over on the tenant.”
Learn more at www.graysonaz.com.
